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Industry body defends high premiums in the Far North | Insurance Business

The Insurance Council of Australia has denied the alleged price gouging of home insurance premiums in the Far North, citing the risk of cyclones as the cause of high premiums.

The industry body said the allegations were repeatedly disproved by three independent reports, which investigated the premiums and concluded that insurers were pricing fairly, The Cairns Post reported.

“Despite this, the market remains highly competitive on price and on policy features,” said Campbell Fuller, ICA’s GM for communications and media.

Not everyone agrees, however.

Barron River MP Craig Crawford, who was mailed a $3,500 quote, said premiums were “absolutely highway robbery,” the report said.